Analysts Set Expectations for M&T Bank Co.’s FY2024 Earnings (NYSE:MTB)

M&T Bank Co. (NYSE:MTB) – DA Davidson lowered their FY2024 EPS estimates for shares of M&T Bank in a report issued on Thursday, June 27th. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings per share of $13.89 for the year, down from their previous forecast of $13.92. DA Davidson currently has a “Neutral” rating and a $159.00 price objective on the stock. The consensus estimate for M&T Bank’s current full-year earnings is $13.99 per share. DA Davidson also issued estimates for M&T Bank’s FY2025 earnings at $15.78 EPS.

M&T Bank (NYSE:MTB) last released its earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The firm had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the previous year, the firm posted $4.09 earnings per share.

A number of other brokerages have also issued reports on MTB. Wedbush reissued an “outperform” rating and issued a $170.00 price target on shares of M&T Bank in a research note on Wednesday, April 10th. Wells Fargo & Company boosted their price target on M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 16th. Piper Sandler reissued an “overweight” rating and set a $164.00 target price on shares of M&T Bank in a research report on Friday, June 21st. Royal Bank of Canada reissued an “outperform” rating and issued a $160.00 target price on shares of M&T Bank in a research note on Tuesday, April 16th. Finally, Evercore ISI boosted their price objective on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a research note on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $161.51.

M&T Bank Price Performance

MTB stock opened at $151.73 on Monday. The stock has a market capitalization of $25.32 billion, a price-to-earnings ratio of 10.26, a price-to-earnings-growth ratio of 2.97 and a beta of 0.77. The stock’s fifty day simple moving average is $148.41 and its 200-day simple moving average is $142.06. M&T Bank has a 52-week low of $108.53 and a 52-week high of $156.65. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.46.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date was Monday, June 3rd. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio (DPR) is 36.51%.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total value of $226,387.98. Following the completion of the transaction, the executive vice president now owns 3,362 shares in the company, valued at approximately $464,662.02. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Kirk W. Walters sold 16,179 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $148.01, for a total value of $2,394,653.79. Following the completion of the sale, the director now owns 6,348 shares of the company’s stock, valued at $939,567.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Doris P. Meister sold 1,638 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the transaction, the executive vice president now directly owns 3,362 shares in the company, valued at approximately $464,662.02. The disclosure for this sale can be found here. Insiders have sold a total of 97,553 shares of company stock worth $14,724,147 in the last ninety days. 0.82% of the stock is owned by insiders.

Institutional Trading of M&T Bank

A number of institutional investors have recently made changes to their positions in MTB. Meeder Advisory Services Inc. lifted its position in M&T Bank by 3.9% in the first quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock worth $273,000 after purchasing an additional 70 shares during the period. Massmutual Trust Co. FSB ADV lifted its holdings in shares of M&T Bank by 1.5% in the second quarter. Massmutual Trust Co. FSB ADV now owns 4,711 shares of the financial services provider’s stock valued at $713,000 after buying an additional 70 shares during the period. Burns J W & Co. Inc. NY boosted its stake in M&T Bank by 1.3% during the fourth quarter. Burns J W & Co. Inc. NY now owns 6,034 shares of the financial services provider’s stock valued at $827,000 after buying an additional 80 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in M&T Bank by 3.2% in the 4th quarter. First Horizon Advisors Inc. now owns 2,548 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 80 shares during the last quarter. Finally, Fulton Bank N.A. grew its stake in shares of M&T Bank by 2.3% in the 1st quarter. Fulton Bank N.A. now owns 3,619 shares of the financial services provider’s stock worth $526,000 after purchasing an additional 81 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.